India’s clothing and footwear market to grow 21 percent CAGR till 2025: GlobalData
12th October 2021, Mumbai:
As per the latest figures from leading data and analytics company, GlobalData, the Indian clothing, and footwear market will grow at 21 percent CAGR to reach Rs 2,020 billion ($25.8 billion) by 2025. India’s overall e-commerce sales are expected to grow by 23 percent over the next five years to reach $119 billion.
Myntra will lead growth in online clothing sales with 52 percent growth followed by Nike and Big Bazaar.
Myntra has addressed the issues of sizing and clothing returns through a locally driven supply chain and ‘Style Exchange’ technology that helps shoppers find an accurate size and fit, says Ankita Roy, Retail Analyst, GlobalData.
To make more headway in the market, brands and retailers need to ramp up their digital operations, she adds.
GlobalData’s survey included 500 Indian consumers aged over 16 years and was conducted in early July 2021.